2011 - 03-21-2011 Reg. Meeting - Laserfiche WebLink

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BOOK 23 P.4Cf 995 d. If the mean number of NC Employees determined pursuant to Section 1.c is less than 1014, Frontier shall pay to Lee County an amount equal to $145 multiplied by the difference between 1014 and the mean number of NC Employees determined pursuant to Section 1.c. Such payment shall be due ten (10) days after receipt of demand from Lee County. 2. Cotton Purchase: a. Frontier provides that NC cotton purchases and total cotton purchased are based on adequate availability /quality and competitive pricing. Frontier represents that that in 2008, 2009 and 2010, it purchased an average of 660,667 bales of cotton. The average number of bales of NC Cotton purchased by Frontier in 2008, 2009 and 2010 equaled 25% of the total number of bales of cotton purchased by Frontier. b. Annually on the anniversary of the execution of this Agreement, Frontier will provide to Lee County a certified statement stating the number of bales of NC Cotton that Frontier purchased in the immediately preceding calendar year, the total number of bales of cotton purchased by Frontier during the immediately preceding calendar year, and the percentage the NC Cotton purchased by Frontier during the immediately preceding calendar year was of the total number of bales of cotton purchased by Frontier during that same time. c. Immediately following the fifth anniversary of this Agreement, using the information previously provided by Frontier, Lee County shall determine: i. The mean number of bales of NC Cotton that Frontier purchased in calendar years 2011, 2012, 2013, 2014, and 2015; and ii. The total number of bales of NC Cotton and of cotton that Frontier purchased during calendar years 2011, 2012, 2013, 2014, and 2015; and iii. The percentage that the number of bales of NC Cotton purchased by Frontier in calendar years 2011, 2012, 2013, 2014, and 2015 was of the total number of bales of cotton purchased by Frontier during calendar years 2011, 2012, 2013, 2014, and 2015. d. If the mean number of bales of NC Cotton purchased by Frontier determined pursuant section 2.6 is less than [from 2.a] AND the percentage of the bales of NC Cotton purchased by Frontier during calendar years 2011, 2012, 2013, 2014, and 2015 was of the total number of bales of cotton purchased by Frontier's during calendar years 2011, 2012, 2013, 2014, and 2015 is less than [from 2.a, Frontier shall pay to Lee County the lesser of: i. [$147,745 /number of bales of NC Cotton purchased during CY 20101 multiplied by the difference between the amount determined pursuant to Section 2.c.i, above and [the number of bales of NC Cotton purchased by Frontier in CY 20101; or ii. $1,477 multiplied by the number determined by subtracting the percentage determined pursuant to Section 2.c.iii from [the percentage of NC Cotton purchased by Frontier in 2010].